Crypto and the Macro Shift

John Burbank, the founder and CIO of Passport Capital, explains why he thinks consumers are ready for a major shift in what platforms they use— including the blockchain and cryptocurrencies. The full version of the piece which this is excerpted from was published on Real Vision on June 1, 2018.

Comments

I think John is spot on. Who among us would have thought that India’s Aadhaar digital ID program and the ban of 70% of it’s cash could be implemented so quickly and, may in fact, be on it’s way to Mass acceptance not only in India, but potentially in other Countries as well. I know...Orwellian to the max, but everyone has a digital ID through which all their banking transactions, medical records and treatment protocols , driving and regulatory registrations and social program benefits are all intertwined, recorded, documented and tracked—and accepted as “normal” within a few years time. Boggles the mind this thing John speaks of —- the willingness to change and adopt new platforms, albeit sacrificing privacy and individualism for “efficiency” and access through their hand held phone. John sees it, can’t describe it, but knows it’s here and now. John is worth listening to, IMO.

Fascinating example of a seasoned and shrewd investment professional starting to sense that the rise of decentralized platforms will be a game changer and, at some point, start to affect the value of "legacy" centralized tech. Also critical the insight of those technologies and platforms being global from inception (rather than "regionally incubated") and therefore inherently faster and more resilient...

He is dead on. I work in Cloud Computing and all of the legacy payment systems, ERP systems and email systems are archaic. Putting them onto the cloud does give a certain amount of benefits, but, Blockchain will be in another league

I normally don't comment, but John talked a lot in this video and didn't really say anything. I accept that Crypto still suffers from being heavily fragmented in views and goals, but you can't talk about crypto in generalities. I still believe crypto will become the future of operations processes for many industries. Being trustless is the major strength. It means you don't need medallion guarantees, notaries, settlement times, etc. The future if crypto is in eliminating and shortening verification process and making them instant for the internet of things.
This video however just said "I believe in crypto because it's technology and I believe people can trust it." Which I personally disagree with. If Elon tells people to trust a self driving Tesla, most will in an instant. You can't say the same thing about crypto. People still think crypto is about tax evasion and black markets.

Agree and disagree on some points. To the last para: Its sad but people still think crypto is about tax evasion and black markets only because they are still in the legacy system matrix like John says. Just because its tech makes it more tangible than the fiat system in the way that fiat is intangible and could be produced out of thin air by the central banks.